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5 steps in marketing research approach

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1. Define the problem - set research objectives, identify possible marketing actions 2. Develop the research plan - specify constraints, identify data needed for marketing actions, determine how to collect data 3. Collect relevant information - obtain secondary data, obtain primary data 4. Develop findings - analyze the data, present the findings 5. Take marketing actions - make action recommendations, implement action recommendations, evaluate results

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Decision

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A conscious choice among two or more alternatives

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Decision making

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Act of consciously choosing among alternatives

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Research outcomes based on the __________ lead to different marketing _________.

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measures of success, actions

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Research objectives are _______, ___________ goals the _________, seeks to achieve in conducting the marketing research.

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specific, measurable, decision maker

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Limitations on the time and money available to solve the problem are examples of _________.

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Constraints

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Two key elements in deciding how to collect marketing data:

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1. Concepts - ideas about products or services a. New-product concept - picture/verbal description of a product or service the firm might offer for sale 2. Methods - approaches to collect data

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Special methods vital to marketing are (1) _________ and (2) _________.

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(1) sampling - selecting a group, asking them questions, and treating their answers as typical answers (2) statistical inference - generalizing sample results to much larger groups

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Data are divided into two main parts:

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Secondary data Primary data

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Secondary data are divided into two parts:

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Internal External

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Internal sources of secondary data are divided into two main parts:

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(1) marketing inputs - sales, ad budgets, call reports, financial statements (2) marketing outcomes - results of marketing efforts (actual sales and customer communications)

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External secondary data

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Published data from outside the organization

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U.S. census reports, trade association studies, business periodicals, and internet based reports are examples of what type of data?

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External secondary data

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Two important advantages of secondary data:

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(1) time saving (data already collected or published internally) (2) low cost

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Disadvantages of secondary data:

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(1) Dated information (2) Definitions/categories that do not meet needs of researcher (3) Info not specific enough

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What are the two principal ways to collect new or primary data for a marketing study?

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1. Observing people 2. Asking people questions

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Observational data can be collected by __________, ___________, or ____________ methods.

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Mechanical, personal, neuromarketing

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The principle data collection task of asking people questions can be divided into (1) idea _______ methods and (2) idea _______ methods.

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generation, evaluation

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Idea generation methods involve...

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Coming up with ideas

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Interview

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Single researcher asking questions of one respondent

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Depth interview

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Researchers ask long, free-flowing kinds of questions to probe for underlying ideas and feelings.

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Focus group

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Informal sessions of 6-10 past, present, or prospective customers in which a discussion leader asks questions.

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Idea evaluation methods involve...

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Testing an idea

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Dichotomous question

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Yes or no response

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Scale

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Three or more choices

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Semantic differential scale

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5-point scale

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Likert scale

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respondent indicates extent to which he/she agrees/disagrees

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Advantages of primary data

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1. More flexible 2. More specific to the problem being studies

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Disadvantages of primary data

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1. Costly 2. Time-consuming

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Step 5 in the marketing research approach is "Take Marketing Actions." What three things does this step consist of?

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1. Making action recommendations 2. Implementing the action recommendations 3. Evaluating the results

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Evaluating the results in step 5 of the marketing research approach involves what two aspects?

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1. Evaluating the decision itself 2. Evaluating the decision process used

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What are the three main sales forecasting techniques?

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1. Judgments of the decision maker 2. Surveys of knowledgeable groups 3. Statistical methods

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What is a direct forecast?

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Estimating the value to be forecast without other steps (i.e. "how much money should I get out of the ATM?").

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Lost-horse forecast

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Involves starting with last known value of the item being forecast, listing the factors that could positively/negatively affect the forecast, and making the final forecast.

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Survey of buyers' intentions forecast

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Ask prospective customers if they are going to buy a product.

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Salesforce survey forecast

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Ask salespeople to estimate sales

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